Overall watches underestimate Vo2 Max. Mine is actually higher than I'd expect, but I don't run a lot so I really question the data it's based on.
Most of us who keep an eye on our Vo2Max know how unreliable it can be. For example, my default watch is the Garmin Forerunner 955. If I do a short run (3-5K), my Vo2Max significantly increases. Anything above 10K, and it will fall.
It is good to see studies highlighting the ongoing challenges in accurately estimating VO2max outside of a laboratory setting. Sure, keep an eye on your Vo2Max, but use this value as a rough guideline rather than a precise measurement.
https://gadgetsandwearables.com/2024/07/22/apple-vs-garmin-vo2max/